Interest is calculated on your daily balance and paid annually on the anniversary of your bond opening, or monthly, paid one month after the date on which your bond is opened, and then monthly after that, depending on what you choose.

Can Principality change the interest rate?

No, the rate on this bond is fixed for 2 years until maturity.

What would the estimated balance be after 24 months based on a £1,000 deposit?

£1,030.83 (based on the assumption that you chose to have interest paid annually and added to your bond and that no further deposits were made).

How do I open and manage my account?

There is no minimum age to open this account. You must be a UK resident for tax purposes to open and operate this account.

Open your account in branch, agency or online. Existing customers who wish to transfer funds from their maturing Principality Fixed Term Bond to open this Account can do so in branch, agency, online or by post.

Minimum balance is £500, maximum balance is £2,000,000.

You have 5 business days from the account opening date in which to make your initial deposit. If you have not made your initial deposit in this time your account will be closed.

You can keep making deposits while the bond remains on sale.

The bond will mature after two years on the anniversary of opening.

Manage your bond in branch, agency, online or by post.

Can I withdraw money?

No, closure or withdrawals are not permitted prior to maturity.

We may allow you to close your bond during the fixed term at our absolute discretion in exceptional circumstances.

We will write to you before your bond matures to let you know what you can do with your balance.

If we don't receive any instructions from you before your bond matures, your balance will be transferred to our Instant Access Account or its nearest equivalent.

Additional information

Service charges and costs may apply to your account. These are outlined in our Tariff of Charges.

If the total amount of interest you earn exceeds your Personal Savings Allowance then you may have to pay tax directly to HMRC. For more information visit www.gov.uk and search ‘Personal Savings Allowance’.

In certain circumstances we may refuse an instruction to operate an account. These circumstances are outlined in the Savings Terms and Conditions.

The results displayed were dependent on the information you provided and are for illustrative purposes only and are by no means an indication of being suitable for your individual circumstances.

The calculations assume interest is paid gross* of income tax on the entire balance on an annual basis

It has been assumed that no withdrawals or additional deposits would be made from the account during the saving duration, and that the interest rate also remains the same during this time (note that interest rates on variable rate savings account are subject to change, and when fixed rate deals end, there is no guarantee that the same rate will be available in the future).

As you will be bound by the account terms and your information is held in accordance with our privacy policy, you shouldread, print and save the below documents for your records. If you have any queries relating to them please contact us for further information.

^ Tax-free means the interest you earn is exempt from UK Income Tax and Capital Gains Tax. Tax treatment depends on your individual circumstances and may not be maintained in future.

* Gross is the contractual rate of interest payable before the deduction of income tax at the rate specified by law.

† AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest were paid and compounded once each year.

Please click to confirm that: You have read and agree to, our 'Savings Terms and Conditions', '2 Year Fixed Rate Bond Issue 326 Account Terms', 'Basic information about the protection of your eligible deposits', our Privacy Policy and the 'Electronic Verification Guide'. You consent to us processing your personal data in order to operate your account. This consent will also allow us to process your personal data in connection with any savings account to which you transfer your funds internally. You can contact us to withdraw that consent at any time but that could result in the closure of your account.

Please confirm you have read and accept our terms and conditions and provide your consent before proceeding.